Ståle Hellenes AS
Not financial advice. The index, rank, signals and advice are rule-based indications from the latest filed annual accounts. They are not a credit rating, an assessment of management or a recommendation to buy, sell or do business with the company. Read more
Score · fiscal year 2025
70of 100
How to read this: the company is ahead of 83 % of companies in the Morning class Small in the same sector in 2025. What does this mean?
Rank in the Morning class Small: 51 of 292 · What are Morning company classes?
Place in the whole sector: 125 of 813 · Jordbruk og skogbruk
Profile
Cheetah · Sprinter
High profitability, lower resilience
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 80 and resilience 44 out of 100 among companies in the Morning class Small in the same sector in 2025. Methodology
Against the sector
Ståle Hellenes AS is 19 points above the median for companies in the Morning class Small in the same sector in 2025.
Median score 51 among 292 companies.
Against companies in the Morning class Small in the same sector in 2025: operating margin 27.4% (median 8.6%) and equity ratio 31.2% (median 46.5%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 22 MNOK | 18 MNOK |
| Operating margin | 27.4% | 8.6% |
| Profit margin | 25.7% | 8.3% |
| Return on assets | 20.1% | 13.6% |
| Equity ratio | 31.2% | 46.5% |
| Debt-to-equity | 2.20 | 1.04 |
| Current ratio | 3.65 | 1.70 |
| Revenue growth | 33.9% | 10.8% |
| Revenue per employee | 1.50 MNOK | 1.58 MNOK |
The median and “ahead of” refer to companies in the Morning class Small in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 70, Ståle Hellenes AS does better than 83% of companies in the Morning class Small in the same sector (292 companies) in 2025.
Score 2023–2025
- Ståle Hellenes AS
- Median: companies in the Morning class Small in the same sector
Ståle Hellenes AS has a score of 70 for 2025, rank 125 of 813 in the sector.
Strongest: Growth: percentile 88 against peers, revenue growth 33.9% against a median of 10.8%. Liquidity: percentile 85 against peers, current ratio 3.65 against a median of 1.70.
Weakest: Solidity: percentile 29 against peers, equity ratio 31.2% against a median of 46.5%.
Worth a closer look
- What lies behind weak solidity, and will it last?
- The change in operating margin in 2025 was 10.8 percentage points better than for comparable companies: the company +12.3, the industry +1.5 points. That is the company's own, not something that hit the whole industry.
Written by fixed rules from the figures. Describes the figures, does not explain causes. Not investment or financial advice. How the summary is made
The industry or the company: what drove the result?
In 2025 the operating margin of Ståle Hellenes AS rose by 12.3 percentage points. Comparable companies rose by a median 1.5 points. So the company did 10.8 points better than the industry, for reasons of its own.
Over 2 year-to-year changes Ståle Hellenes AS moved the same way as comparable companies 2 times. About 15% of the changes in operating margin were common to the industry; the rest was the company's own.
| Year | The company | Comparable (median) | Change, company | Change, industry | The company's own |
|---|---|---|---|---|---|
| 2024 | 15.1% | 7.2% | +3.3 percentage points | +0.8 percentage points | +2.4 percentage points |
| 2025 | 27.4% | 8.6% | +12.3 percentage points | +1.5 percentage points | +10.8 percentage points |
Comparable companies are those in the same industry and Morning company class. Their change shows what hit the whole industry, the sector drivers below included. The rest is the company's own: contracts, costs, one-off items or operations. The share is approximate, and we claim no cause.
The company and its sector's drivers
Prices, rate and currency that shape the sector's year, year by year beside the operating margin of Ståle Hellenes AS. The figures stand side by side; we claim no cause.
Producer prices for sawn wood (indeks (2021 = 100))
Producer prices for sawn wood rose 7.3% in 2025; the operating margin of Ståle Hellenes AS rose 12.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Producer prices for sawn wood, annual average | 100.0 | 116.6 | 116.5 | 119.1 | 127.8 | 131.0 (so far) |
| Change from the year before | +22.7% | +16.6% | −0.2% | +2.3% | +7.3% | +2.5% |
| The company's operating margin | – | – | 11.8% | 15.1% | 27.4% | – |
Source: SSB (12462, CC BY 4.0). Source
Consumer price index (indeks (2025 = 100))
Consumer price index rose 3.0% in 2025; the operating margin of Ståle Hellenes AS rose 12.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Consumer price index, annual average | 84.3 | 89.2 | 94.1 | 97.0 | 100.0 | 102.9 (so far) |
| Change from the year before | +3.5% | +5.8% | +5.5% | +3.2% | +3.0% | +2.9% |
| The company's operating margin | – | – | 11.8% | 15.1% | 27.4% | – |
Source: SSB (14710, CC BY 4.0). Source
EUR/NOK (kr)
EUR/NOK rose 0.8% in 2025; the operating margin of Ståle Hellenes AS rose 12.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| EUR/NOK, annual average | 10.16 | 10.10 | 11.42 | 11.62 | 11.72 | 11.04 (so far) |
| Change from the year before | −5.2% | −0.6% | +13.1% | +1.8% | +0.8% | −5.8% |
| The company's operating margin | – | – | 11.8% | 15.1% | 27.4% | – |
Source: Norges Bank (EXR, NLOD 2.0). Source
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the operating margin of Ståle Hellenes AS rose 12.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Policy rate, annual average | 0.08 | 1.32 | 3.54 | 4.50 | 4.30 | 4.17 (so far) |
| Change from the year before | −0.28 percentage points | +1.24 percentage points | +2.22 percentage points | +0.96 percentage points | −0.20 percentage points | −0.12 percentage points |
| The company's operating margin | – | – | 11.8% | 15.1% | 27.4% | – |
Source: Norges Bank (IR, NLOD 2.0). Source
Wage index: agriculture (indeks)
Wage index: agriculture rose 5.6% in 2025; the operating margin of Ståle Hellenes AS rose 12.3 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Wage index: agriculture, annual average | 85.0 | 88.7 | 93.6 | 98.5 | 104.0 | 107.3 (so far) |
| Change from the year before | +4.1% | +4.4% | +5.5% | +5.3% | +5.6% | +3.1% |
| The company's operating margin | – | – | 11.8% | 15.1% | 27.4% | – |
Source: SSB (12314, CC BY 4.0). Source
We show the drivers and the margin side by side and claim no cause. Sensitivity per company is not computed until we have at least 10 years of accounts per company: with three years such figures are false precision.
What the numbers say
Ståle Hellenes AS had an operating margin of 27.4% and an equity ratio of 31.2% in 2025, and ranks 125 of 813 in Jordbruk og skogbruk.
From 2024 to 2025: the operating margin rose from 15.1% to 27.4% and revenue grew by 34%.
This text is generated automatically from the 2025 accounts.
Three simple methods
The methods give between 8 MNOK and 21 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 14.3 | 21 MNOK |
| EV/EBIT | 17.6 | 21 MNOK |
| P/B | 1.4 | 8 MNOK |
| EV/EBIT: from enterprise value to equity | NOK |
|---|---|
| Enterprise value (EV) at the listed multiple | 62 MNOK |
| Enterprise value after the size adjustment | 38 MNOK |
| Less net debt (rough figure) | 17 MNOK |
| Equity value | 21 MNOK |
Net debt is a rough figure: long-term liabilities minus cash. The accounts do not split interest-bearing debt from other liabilities, and short-term borrowings are not included. The size adjustment applies to the enterprise value, not to the debt. Net debt is 45% of the enterprise value after the size adjustment, so the equity value from EV/EBIT is sensitive to errors in the debt figure.
The listed basis is the value at listed multiples. The estimate is lowered for size: a small-company premium of 4% on the cost of equity gives a value 38% lower. No separate marketability discount is applied, because the premium already allows for the company being small and unlisted.
The NACE code has no listed industry of its own in the table, so the multiples are the sector median: Farming/Agriculture.
Not financial advice. The value range is a rough model estimate from listed-company multiples, not a valuation, a price target or a price offer. The actual value may differ greatly. Read more
A mechanical estimate from public accounts, not advice. A mechanical estimate from public accounts with listed multiples and fixed adjustments. Not a valuation and not advice to buy or sell. See the calculation
Worth a closer look
No rules were triggered for this year.
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 1.8% of the debt in 2025. The policy rate averaged 4.30 % the same year. This is a plain description of what the debt cost, not a model of interest sensitivity.
See interest rates, prices and exchange rates for the sector
Data quality
No anomalies found in the figures.
Scenario analysis: the sector's weakest year
We have no accounts for 2022, the sector's weakest year, for this company.
The sector's weakest year was 2022, with a median operating margin of 2.1%. Based on the 7 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 80 | weight 40% |
|---|---|---|
| Solidity | 29 | weight 20% |
| Liquidity | 85 | weight 5% |
| Growth | 88 | weight 25% |
| Consistency | 55 | weight 10% |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Durability: 53 (average over 3 years)
Index version 3. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is Ståle Hellenes AS?
The operating margin was 27.4% in 2025, against a median of 8.6% among companies in the Morning class Small in the same sector. Return on assets was 20.1%.
How solid is Ståle Hellenes AS?
The equity ratio was 31.2% in 2025 (median 46.5%). Debt-to-equity was 2.20 (median 1.04).
What is the liquidity of Ståle Hellenes AS like?
The current ratio was 3.65 in 2025 (median 1.70).
How does Ståle Hellenes AS compare in Jordbruk og skogbruk?
Ståle Hellenes AS ranks 125 of 813 in Jordbruk og skogbruk for 2025. Among companies in the Morning class Small it is number 51 of 292. Revenue changed by 33.9% from the year before.
Group structure · 2025
2 companies in the group according to the shareholder register for 2025. A company counts as a subsidiary when a Norwegian company owns more than half of its shares.
Private persons own 60% of the shares in Vinterstua AS. Persons are not shown by name.
Vinterstua AS has not filed group accounts in open data, so the group has no index of its own. Each company has its own accounts.
The group in figures
- Sectors
- Jordbruk og skogbruk (1 company) 1 of 2 companies in the tree have accounts with us. Sectors are sorted by the companies' own revenue, which includes sales between the group's companies.
- Employees in Norway
- 15 in all. Larvik 15 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
-
Vinterstua AS
- Ståle Hellenes AS you are here
Read the figures with care: a company in a group can look strong because of group contributions, or weak because dividends go up to the parent. The figures are indications, not the full picture.
Source: the Norwegian Tax Administration's shareholder register 2025 (majority owner with more than 50 % of the shares). Voting agreements and ownership through other countries are not included.
Agricultural subsidies
| Year | Subsidies | Area (decares) |
|---|---|---|
| 2023 | NOK 660,870 | 402 |
| 2022 | NOK 459,535 | 329 |
Production and relief subsidies from the Norwegian Agriculture Agency (NLOD 2.0), by application year.
From the Central Coordinating Register
- Org. no.
- 926455109
- Legal form
- AS
- Sector
- Jordbruk og skogbruk (01.130)
- Morning company class
- Small
- Employees
- 15 registered 10 July 2026
- Founded
- 1 January 2021 5 years in operation
- Share capital
- 0.03 MNOK
- Business address
- Hedrumveien 2199, 3282 KVELDE (LARVIK)
- Municipality
- Larvik rank 4 of 10 in KOSTRA group 11
- Latest accounts filed
- 2025
Source: Central Coordinating Register, Brønnøysund Register Centre. The employee count is reported by the company and may be older than the accounts. See the company at the Brønnøysund Register Centre
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 1 November 2026. Only names are shown.
Shareholders (2025)
- Number of shareholders
- 1 (one owner)
- Largest owner
- 100.0%
- Split
- companies 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 100%
- Group chain
-
Owned by: Vinterstua AS (100%)
Ultimate owner: private person
- Vinterstua AS · 100.0%
The company is new in the shareholder register in 2025.
Source: the Norwegian Tax Administration's shareholder register as of 2025. Figures may be older than today's ownership. Private persons are not shown by name.
Error in the data?
Do you see an error in the figures or in how the company is mapped (sector, holding, group)? Let us know. Corrections require documentation.
Is this your company? Suggest changes or add information
Figures last fetched 5 November 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 39 | 50 | 70 | |
| Rank | 500 | 388 | 125 | |
| Operating margin | 11.8% | 15.1% | 27.4% | |
| Return on assets | 7.2% | 9.3% | 20.1% | |
| Equity ratio | 13.2% | 18.1% | 31.2% | |
| Current ratio | 2.72 | 2.94 | 3.65 | |
| Revenue growth | – | 4.8% | 33.9% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 16.0 MNOK | 16.8 MNOK | 22.5 MNOK |
| Operating profit | 1.9 MNOK | 2.5 MNOK | 6.2 MNOK |
| Profit before tax | 1.3 MNOK | 2.1 MNOK | 5.8 MNOK |
| Tax expense | 0.3 MNOK | 0.5 MNOK | 1.3 MNOK |
| Net profit | 1.0 MNOK | 1.6 MNOK | 4.5 MNOK |
| Financial expenses | 0.6 MNOK | 0.5 MNOK | 0.4 MNOK |
| Total assets | 26.2 MNOK | 28.0 MNOK | 30.6 MNOK |
| Current assets | 8.4 MNOK | 11.3 MNOK | 10.0 MNOK |
| Equity | 3.5 MNOK | 5.1 MNOK | 9.6 MNOK |
| Retained earnings | 3.4 MNOK | 5.0 MNOK | 9.5 MNOK |
| Total liabilities | 22.8 MNOK | 22.9 MNOK | 21.1 MNOK |
| Current liabilities | 3.1 MNOK | 3.8 MNOK | 2.7 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 5 November 2026, accounts id 6899172.
Further
Similar companies
- Struksnæs Skog AS index 70, rank 121 · compare
- Trepleiefirmaet Lilleby AS index 70, rank 124 · compare
- Sagaplant AS index 70, rank 127 · compare
- Kvina Skogsdrift AS index 70, rank 128 · compare
- Lyngstad Hønseri AS index 70, rank 129 · compare